De Beers, Mountain Province Sign Understanding Over Kennady Diamonds
March 19, 18
(IDEX Online) – The De Beers Group has signed a non-binding Memorandum of Understanding (MoU) with its partner in the Gahcho Kué mine, Mountain Province Diamonds Inc. (Mountain Province) over incorporating properties owned by Kennady Diamonds Inc. into the Gahcho Kué joint venture.
The agreement sees the deal going ahead in the event that Mountain Province’s proposed acquisition of Kennady Diamonds is approved. Mountain Province and De Beers will now work towards a definitive agreement based on the MoU.
De Beers owns 51% of the Gahcho Kué joint venture, with Mountain Province Diamonds owing the rest.
Kim Truter, Chief Executive – Canada, De Beers Group, said: “We have been very pleased with the progress of our partnership with Mountain Province in the Gahcho Kué mine. Their proposed acquisition of Kennady Diamonds opens up some potential new options for the operation’s future, and while further work would be required on the resource and there would need to be agreement on commercial terms, the signing of this non-binding MoU makes sense for both parties as we consider how our partnership might develop.”